Treasury Issues GENIUS Act Rules for State Stablecoin Certification

The US Treasury Department has issued an interim final rule under the GENIUS Act for state certification to supervise smaller stablecoin issuers. The rule took effect immediately, but certifications won't be accepted until a Paperwork Reduction Act review and public comments are due on November 30.

States can certify to regulate issuers with up to $10 billion in outstanding tokens by filing a signed attestation, narrative, and supporting laws to the Stablecoin Certification Review Committee. The committee is chaired by the Treasury Secretary and includes the Federal Reserve Chair and FDIC Chairman.

The rule advances GENIUS Act implementation alongside Fed and Treasury rulemaking, providing regulatory clarity for crypto stablecoin supervision, adoption, and market licensing. Initial certifications must be filed within one year, with annual recertification required, including a two-year cure and appeal process.

This certification framework is part of the broader GENIUS Act rollout, which has been underway since the law was enacted in July 2025. Treasury has separately opened its core stablecoin rule to public comment through earlier GENIUS Act rulemaking, while the Federal Reserve has proposed its own stablecoin rules under the Act.